Dainik Bhaskar Income Tax Raids-CBDT alleges detection of bogus income of Rs. 700 crores
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The Income Tax Department had carried out a search operation on Dainik Bhaskar in 9 cities including Mumbai, Delhi, Bhopal, Indore, Noida and Ahmedabad.
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The Income Tax raids had been severely criticised by the Dainik Baskar and other media houses and it was alleged that the raid was an attempt to stifle free press in view of recent criticism of the BJP Government.
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In a press release, CBDT has alleged that the group had been operating several companies for booking bogus expenses and routing of funds.
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According to the CBDT, the quantum of bogus income is Rs. 700 crore spread over a period of 6 years. CBDT has also alleged violation of Companies Act and Listing AgreementÂ
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The CBDT has stated that the instance of diversion of Term Loan taken from bank has also come to its knowledge.
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Read CBDT Press Release Click Here >>
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- Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
- Mutual Funds to value physical Gold and Silver by using the polled spot prices
- SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
- Merely because sales were declared for only one month, same cannot be treated as bogus
- ITAT deleted addition as method of accounting had been accepted in earlier years
